Global Catastrophe Losses 18% Above Average in H1 2022

Hilary Tuttle


October 3, 2022

global natural catastrophe losses 2022

According to Aon’s Impact Forecasting, global natural disasters caused some $39 billion in insured losses in the first half of 2022. This marks a significant decrease from $57 billion in the first half of 2021, but it is still 18% higher than the 21st-century average of $33 billion.

The losses were heavily driven by severe convective storms (SCS), a classification that encompasses thunderstorms, hail, tornadoes and other windstorms. SCS events in the United States and Europe accounted for 54% of total insured losses. While insured losses in the United States were on par with the 21st-century average, losses in the EMEA region were 86% above average, largely due to devastating windstorms and thunderstorms in May and June. In Europe, SCS events caused over $5 billion in damages for the second consecutive year, which Aon noted is unprecedented.

Luck and better natural disaster risk management may have helped mitigate some of the human toll, however. Approximately 4,400 people died in catastrophes during the first half of 2022, compared to a 21st-century average of 26,700 and median of 6,400.

Hilary Tuttle is managing editor of Risk Management.